Blue Bird Corporation (BLBD) Cash Flow Statement
Where BLBD’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $176.2M +58.6% vs FY2024
- Capital expenditures
- $22.9M 1.5% of revenue
- Free cash flow
- $153.3M 10.4% margin
- Returned to shareholders
- $49.4M 32% of free cash flow
- Change in cash
- $101.6M cash at year-end $229.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
BLBD operating cash flow, capex and free cash flow
BLBD cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $25.1MFY2016 | $176.2MFY2025 | +24.2%/yr | |
| Capital expenditures | $9.6MFY2016 | $22.9MFY2025 | +10.1%/yr | |
| Free cash flow | $15.5MFY2016 | $153.3MFY2025 | +29.0%/yr | |
| Free cash flow margin | 1.7%FY2016 | 10.4%FY2025 | +8.7 pts | |
| Operating cash flow / net income | 3.64FY2016 | 1.38FY2025 | −2.26 | |
| Stock-based compensation | $12.7MFY2016 | $14.8MFY2025 | +1.7%/yr | |
| Dividends paid | $2.9MFY2016 | $1.1MFY2023 | −12.6%/yr | |
| Share buybacks (net) | $3.9MFY2016 | $49.4MFY2025 | +32.6%/yr | |
| Capex / revenue | 1.0%FY2016 | 1.5%FY2025 | +0.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BLBD cash flow by activity
BLBD net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
BLBD cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $127.7M | $105.5M | $23.8M | −$45.8M | −$289,000 | $12.2M | $24.3M | $30.8M | $28.8M | $6.9M |
| Depreciation & amortization | $15.6M | $14.8M | $16.0M | $14.1M | $13.4M | $14.4M | $10.4M | $9.0M | $8.2M | $8.0M |
| Stock-based compensation | $14.8M | $8.6M | $4.2M | $3.7M | $5.9M | $4.1M | $4.3M | $2.6M | $1.3M | $12.7M |
| Change in working capital | $16.3M | −$12.5M | $71.6M | −$7.4M | −$76.4M | −$29.4M | $3.4M | −$4.6M | −$8.2M | −$18.8M |
| Other non-cash items | $1.8M | −$5.3M | $4.4M | $11.0M | $3.1M | $2.1M | $13.3M | $10.5M | $17.6M | $16.3M |
| Cash from operating activities | $176.2M | $111.1M | $119.9M | −$24.4M | −$54.2M | $3.5M | $55.7M | $48.4M | $47.6M | $25.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$22.9M | −$15.3M | −$8.5M | −$6.5M | −$12.2M | −$19.0M | −$35.5M | −$32.1M | −$9.3M | −$9.6M |
| Investments (net) | −$23.9M | −$15.8M | −$8.5M | −$6.5M | −$11.3M | −$18.8M | −$35.5M | −$32.1M | −$9.2M | −$9.6M |
| Acquisitions & other investing | $22.9M | $15.3M | $8.5M | $6.5M | $12.2M | $19.0M | $35.5M | $32.1M | $9.3M | $9.6M |
| Cash from investing activities | −$23.9M | −$15.8M | −$8.5M | −$6.5M | −$11.3M | −$18.8M | −$35.5M | −$32.1M | −$9.2M | −$9.6M |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$1.1M | — | — | −$672,000 | −$1.5M | −$1.9M | −$4.3M | −$2.9M |
| Share repurchases & issuance (net) | −$49.4M | −$11.1M | −$376,000 | −$1.7M | −$517,000 | −$3.6M | −$50.4M | −$26.6M | −$34.3M | −$3.9M |
| Net borrowing (repayment) | −$6.0M | −$36.1M | −$40.4M | −$42.6M | $32.6M | −$10.8M | $40.1M | −$10.0M | −$11.6M | −$38.1M |
| Shares issued | $0 | $0 | $0 | $75.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $4.7M | $657,000 | −$1.0M | −$1.0M | $645,000 | $4.0M | $2.2M | $19.9M | $22.0M | $28.8M |
| Cash from financing activities | −$50.7M | −$46.6M | −$42.9M | $29.7M | $32.8M | −$11.1M | −$9.5M | −$18.6M | −$28.1M | −$16.1M |
| Summary | ||||||||||
| Net change in cash | $101.6M | $48.7M | $68.5M | −$1.2M | −$32.8M | −$26.5M | $10.7M | −$2.4M | $10.3M | −$552,000 |
| Cash at end of period | $229.3M | $127.7M | $79.0M | $10.5M | $11.7M | $44.5M | $71.0M | $60.3M | $62.6M | $52.3M |
| Free cash flow | $153.3M | $95.8M | $111.4M | −$30.9M | −$66.5M | −$15.5M | $20.2M | $16.2M | $38.4M | $15.5M |
| Free cash flow margin | 10.4% | 7.1% | 9.8% | −3.9% | −9.7% | −1.8% | 2.0% | 1.6% | 3.9% | 1.7% |
| Capex / revenue | 1.5% | 1.1% | 0.8% | 0.8% | 1.8% | 2.2% | 3.5% | 3.1% | 0.9% | 1.0% |
| Operating cash flow / net income | 1.38 | 1.05 | 5.04 | — | — | 0.28 | 2.29 | 1.57 | 1.65 | 3.64 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $185.3M | $29.3M | $30.8M | $36.5M | $36.5M | $26.0M | $28.7M | $24.7M | $28.7M | $26.0M | $26.1M | $18.6M |
| Depreciation & amortization | $8.7M | $4.1M | $4.0M | $3.9M | $4.0M | $3.9M | $3.9M | $3.9M | $3.7M | $3.6M | $3.6M | $3.9M |
| Stock-based compensation | $1.5M | $1.7M | $2.4M | $1.9M | $3.0M | $7.4M | $2.5M | $1.6M | $2.5M | $2.5M | $2.1M | $1.9M |
| Change in working capital | −$20.0M | $11.7M | −$1.5M | $13.4M | $14.4M | −$6.6M | −$4.9M | $33.4M | −$33.7M | $23.4M | −$35.6M | $5.9M |
| Other non-cash items | −$144.5M | $992,000 | $1.0M | $9.4M | −$893,000 | −$3.0M | −$3.8M | −$8.2M | −$161,000 | −$980,000 | $4.0M | $5.4M |
| Cash from operating activities | $31.0M | $47.8M | $36.6M | $65.1M | $56.9M | $27.8M | $26.4M | $55.4M | $989,000 | $54.6M | $217,000 | $35.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$9.4M | −$7.9M | −$5.5M | −$4.7M | −$4.6M | −$9.0M | −$4.6M | −$5.1M | −$4.5M | −$2.7M | −$2.9M | −$2.1M |
| Investments (net) | — | — | — | −$4.8M | −$4.9M | −$9.0M | −$5.1M | −$5.7M | −$4.5M | −$2.7M | −$2.9M | −$2.1M |
| Acquisitions & other investing | −$49.6M | $0 | −$190,000 | $4.7M | $4.6M | $9.0M | $4.6M | $5.1M | $4.5M | $2.7M | $2.9M | $2.1M |
| Cash from investing activities | −$59.0M | −$7.9M | −$5.7M | −$4.8M | −$4.9M | −$9.0M | −$5.1M | −$5.7M | −$4.5M | −$2.7M | −$2.9M | −$2.1M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | −$152,000 | — |
| Share repurchases & issuance (net) | $2.6M | −$5.2M | −$17.3M | −$6.0M | −$8.9M | −$23.0M | −$11.5M | −$10.8M | $301,000 | $0 | −$301,000 | −$319,000 |
| Net borrowing (repayment) | −$131.1M | −$1.2M | −$1.2M | −$1.2M | −$1.6M | −$1.3M | −$1.8M | −$1.4M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$2.6M | $684,000 | $87,000 | $3.2M | $917,000 | $182,000 | $385,000 | $1.8M | −$1.5M | −$36.0M | $1.4M | −$5.1M |
| Cash from financing activities | −$131.1M | −$5.8M | −$18.5M | −$4.1M | −$9.7M | −$24.1M | −$12.9M | −$10.4M | −$1.2M | −$36.0M | $995,000 | −$5.4M |
| Summary | ||||||||||||
| Net change in cash | −$159.1M | $34.2M | $12.4M | $56.2M | $42.3M | −$5.4M | $8.4M | $39.3M | −$4.7M | $15.8M | −$1.7M | $28.3M |
| Cash at end of period | $116.8M | $275.9M | $241.7M | $229.3M | $173.1M | $130.7M | $136.1M | $127.7M | $88.4M | $93.1M | $77.3M | $79.0M |
| Free cash flow | $21.7M | $39.9M | $31.1M | $60.5M | $52.3M | $18.7M | $21.8M | $50.2M | −$3.5M | $51.8M | −$2.7M | $33.7M |
| Free cash flow margin | 4.2% | 11.3% | 9.3% | 14.8% | 13.1% | 5.2% | 7.0% | 14.3% | −1.1% | 15.0% | −0.8% | 11.1% |
| Capex / revenue | 1.8% | 2.2% | 1.6% | 1.1% | 1.2% | 2.5% | 1.5% | 1.5% | 1.3% | 0.8% | 0.9% | 0.7% |
| Operating cash flow / net income | 0.17 | 1.63 | 1.19 | 1.78 | 1.56 | 1.07 | 0.92 | 2.24 | 0.03 | 2.10 | 0.01 | 1.92 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
BLBD cash generation
In fiscal 2025 (ended September 30, 2025), Blue Bird generated $176.2 million of cash from operations (up 58.6%) and spent $22.9 million on capital expenditures, leaving free cash flow of $153.3 million, 10.4% of revenue. It returned $49.4 million to shareholders through dividends ($0) and net share buybacks ($49.4 million). Cash and equivalents rose by $101.6 million over the year.
Related: BLBD income statement, BLBD balance sheet. See the BLBD stock overview for the latest quote and news.
BLBD cash flow FAQ
What is Blue Bird's free cash flow?
Blue Bird's free cash flow was $153.3 million in fiscal 2025: $176.2 million of operating cash flow minus $22.9 million of capital expenditures It was $95.8 million a year earlier..
How much cash does Blue Bird generate from operations?
Blue Bird generated $176.2 million of cash from operating activities in fiscal 2025, 1.38 times its net income of $127.7 million.
How much does Blue Bird spend on capital expenditures?
Blue Bird spent $22.9 million on capital expenditures in fiscal 2025, 1.5% of revenue, compared with $15.3 million the year before.
How much stock does Blue Bird buy back?
Blue Bird spent $49.4 million on net share repurchases in fiscal 2025.